State outlines bold step to curb massive borrowing
National Treasury and Economic Planning Cabinet Secretary Prof Njuguna Ndung'u. In the draft Budget Policy Statement (BPS) 2023, the National Treasury proposes to borrow Sh695 billion in the financial year 2023/24, down from the Sh849 billion the government is expected to borrow in the financial year ending June.
President William Ruto has taken the first bold step to slow down on borrowing, with a Sh154 billion reduction on the amount expected to be borrowed during his first budget in office.
In the draft Budget Policy Statement (BPS) 2023, the National Treasury proposes to borrow Sh695 billion in the financial year 2023/24, down from the Sh849 billion the government is expected to borrow in the financial year ending June.
